Writing things down is an important part of achieving your goals, both while you're running your business and after you leave it. However, many business owners feel overwhelmed by the idea of writing down their post-exit goals and strategies. Some business owners say...
A recent Supreme Court case, Connelly v. United States, made an important ruling related to succession planning for closely held businesses. Today, we'll look at what the ruling says, how it could affect you, and steps you could take to avoid paying more in taxes than...
Many business owners have a fuzzy idea of what life looks like after they're done working. But fewer business owners have a plan for how they’ll reach the life they want after they're done working. Running a successful business is time consuming, so business owners...
Your business is likely a large part of your financial success. Even after you eventually leave your business, you may still rely on your business to achieve financial security. This often means that you need to prepare for the next generation of your business....
Building trust with your clients often requires a combination of consistency and newness. Threading the needle between becoming commoditized by being stagnant and alienating your customers by moving too far away from your core competencies is also an important part of...
Planning for a successful future often takes years. And even the most forward-thinking plans can run into unexpected obstacles that can add more time to achieving your goals—perhaps more time than you’re comfortable with. How can you minimize the time you need to...
Keeping key employees committed to your business is an essential strategy for building business value. It’s also a crucial part of planning for a successful future, including your eventual business exit. There are many strategies you can use to retain key employees....
Revenue and profitability are generally good indicators of your company’s strength. However, when it comes to planning for a successful future, they are far from the only things that determine your company’s strength. As you plan and perhaps approach your exit from...
Achieving financial independence is the most important goal for business owners who want to exit their businesses successfully. The importance of achieving this goal is so great that it may be tempting to take legally nebulous routes to achieving it. Let’s look at a...
A huge perk of running your own business is getting to do it your way. This can make planning for a successful future challenging for some business owners because they need to be comfortable with giving up control of certain aspects. And if they don’t agree with their...
Converting your business to a non-profit is a valid exit strategy. However, there are important things to consider if you choose this path. Here are a few things you should think about if you’re considering converting your business to a non-profit, using a short...
Founding a business is inherently risky. Fortunately, even the riskiest businesses have opportunities to reduce their risks and protect their interests with proper and early planning. Let’s look at a fictional but representative story of how an extremely risky...
Running a business is one of the most fulfilling things you’ll likely ever do. Despite the time and money it costs you, you dedicate everything you have to position it to be successful. With all the effort you pour into your business, it’s prudent to dedicate time and...
A major point of pride for successful business owners is how hard they worked to achieve their success. A common myth is that smaller, less complex businesses aren’t cut out for Exit Planning or that it’s too expensive. But as the backbone of the economy, smaller...
Unexpected events often have bigger risks for business owners than many other people. Family members, employees, and even communities can face devastating consequences due to a business owner’s death or permanent incapacitation. Fortunately, there is a way to mitigate...
Consider this scenario: A traveler wakes up in a foreign place with three items—the clothes on their back, a map in a language they can’t interpret, and 10 coins. As they begin walking down what they think is a path, a person approaches and says, “I can help you read...
Planning for a successful future can seem overwhelming. Where do you start? How do you make time? Which questions should you ask? Today, we'll present a process that can help you organize your thoughts and put you on a path toward a successful planning process. The...
As a business owner, is it a good idea to hire a "professional president" to keep various managers focused? Today, we'll present some potential benefits of a professional company president. Shepherding Success Successful business owners tend to run so many different...
For many business owners, the business is more than a means to make money—it's a part of their identity and a link to the past. This can make the idea of leaving it, and committing to the planning required to leave it successfully, very challenging. Consider the story...
Join us on December 6, 2023, for a dynamic and insightful webinar featuring a captivating conversation between BEI Founder, John Brown, and Dave Seitter, Attorney and Partner at Spencer Fane LLC. In this exclusive interview-style presentation, we’ll delve deep into...